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Indian job market shows highest growth of 6% yoy in March: Monster Employment Index

Indian job market shows highest growth of 6% yoy in March: Monster Employment Index

Hiring demand in India witnessed a 6% year-on-year growth in March amid removal of Covid induced restrictions and pick-up in economic activity, shows the Monster Employment Index ,MEI,
Even as a marginal dip of 2.4% was witnessed in month-on-month hiring activity, owing to appraisal season, the index remained positive from an annual perspective as recruitment activity continued across a broad range of sectors.

In March, online recruitment activity exceeded the year-ago level in 11 out of the 13 cities monitored by the index. All metros registered a double-digit growth on an annual basis.

“Two years into the pandemic pandemic, it is heartening to see that the Indian economy has overcome setbacks and challenges with hiring momentum exceeding pre-Covid levels by 6% this year compared to 2020,” said Sekhar Garisa, CEO – Monster.com, a Quess company. “As India Inc continues to adopt the hybrid and back-to-office work models, we hope to see a continued recovery and a step forward to normalcy in the coming months,” he said.
Mumbai (up 21%) led all the monitored cities for the first time on a yearly basis followed by Coimbatore (up 20%), Chennai and Hyderabad (up 16% each).

E-recruitment activity in Bengaluru (up 15%) charted a positive trend but weakened from previous months. While Pune recorded 12% growth, Kolkata and Delhi-NCR registered a growth of 13% each.

Bengaluru and Pune are emerging as the secondary hubs for fintech start-ups with several entrepreneurs wanting to tap into the late tech talent available in the markets.

Hiring demand in March was driven by banking/financial services and insurance which showed improvement (up 37%) followed by telecom (up 17%) and production and manufacturing (up 16%). Jobs rebounded for hospitality & travel (up 11%) personnel after a long time and experienced significantly improved demand levels annually.

However, engineering, cement, construction, and iron/ steel (down 20%) continued to witness a year-on-year decline in the series since April 2020, registering the sharpest deceleration among sectors. The pace of the growth moderated further for media & entertainment (down 16%) and FMCG, food & packaged food (down 13%) industry and slid in March 2022 annually, according to MEI data.

In terms of functions, IT-hardware and software, human resource along with finance and accounts job roles marked a double-digit growth in all metros. More and more organizations have hired top management level employees (up 34%) followed by mid-senior level (up 22%), intermediate level (up 20%) and senior-level (up 13%). Entry-level jobs witnessed a growth of 8% on the back of campus hiring steeping in the Jan-Mar quarter, showed the survey.

In BFSI, roles in financial statement, wealth management, investment banking and cyber-security have seen increased job openings. In terms of tech jobs, the emergence of Metaverse and its potential applications has created a lot of career opportunities in new skill areas. While brands and enterprises continue to value creativity and human-centered design with tech-enabled applications, job roles such as design architects, software designers, system validation engineers, 3D Artists, AR/VR maintenance and support, and design/graphics Engineer are expected to be in high demand in the coming months.

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